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Advanced Conventional Mortgage Calculator

Buying a home? Our Advanced Conventional Mortgage Calculator gives you an accurate estimate of your monthly mortgage payment, factoring in all essential costs—principal, interest, taxes, insurance, and PMI (if applicable). Unlike basic calculators, we use real-time OBMMI rates to provide realistic estimates while still allowing manual rate entry for flexibility. Whether you’re a homebuyer or a loan officer, this tool offers a high-level look at mortgage affordability.

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Loan Information

$.00
Enter the agreed home price before closing costs. We’ll handle currency formatting automatically.
$
Cash you’ll bring to closing. Enter a dollar amount; we’ll sync the percent field for you.
%
Your down payment as a percent of the purchase price (0–100%). We’ll auto-fill the dollar amount.
Your current middle FICO® score (or best estimate). Used to calculate PMI and rate ranges.
Years
How long you’ll repay the loan (years). Longer terms lower the payment but increase total interest.
%
Pre-filled with today’s OBMMI market rate for conventional loans. Replace with a quoted rate if you have one.

Taxes & Insurance & Dues

$.00
Yearly homeowners association dues (if any). Enter $0 if none—we’ll divide by 12 for your payment.
$.00
Estimated yearly property taxes. Not sure? 1.0% of the home price is a common starting point. We’ll divide by 12.
$.00
Estimated yearly homeowners insurance premium. Not sure? 0.6% of home value is a typical estimate. We’ll divide by 12.
%
Auto-calculated from your Loan-to-Value and credit score using our PMI factor table. No input needed. PMI is charged monthly using this annual factor and typically ends as equity reaches ~78–80% LTV. Timing and rules can vary by lender.



Mortgage Breakdown

Estimated Monthly Payment$0.00
Estimated Due at Signing$0.00

Loan Amount $0.00
Loan to Value 0.00%

    Is an FHA Loan a Better Fit for You?

    Based on your credit score, an FHA loan could offer more flexibility and lower down payment options compared to a conventional mortgage. See how an FHA loan could work for you and compare the benefits:




    Step-by-Step Guide

    1. Enter Your Home Value – The purchase price of the home.
    2. Input Down Payment – Either a percentage or dollar amount (the other auto-calculates).
    3. Interest Rate – Default to real-time OBMMI rates, but adjustable.
    4. Loan Term – Defaults to 30 years, but options available for 15 and 20 years.
    5. Credit Score – Helps determine PMI if down payment < 20%.
    6. Annual Taxes & Insurance – Defaults to 1% (taxes) and 0.6% (insurance) of the home value, but can be adjusted.

    After entering this information, the calculator will display: Loan Amount, Monthly Principal & Interest, PMI (if applicable), Taxes & Insurance, Total Monthly Payment

    Mortgage Payment Breakdown (What’s Calculated?)

    • Loan Amount = Home Price – Down Payment
    • Monthly Principal & Interest = Amortized loan payment
    • Monthly Insurance & Taxes = Based on user inputs
    • PMI (if applicable) = Shown when LTV > 80%
    • Total Monthly Payment = Principal + Interest + Taxes + Insurance + PMI

    For a detailed breakdown of your loan payments over time, check out our Amortization Calculator.

    Understanding the Mortgage Formula

    Our calculator applies a precise mathematical formula to provide accurate estimates:

    M = P × r ( 1 + r n ) ( 1 + r n ) - 1

    Where:

    • M = Monthly mortgage payment
    • P = Loan amount (Home Price – Down Payment)
    • r = Monthly interest rate (Annual Rate / 12)
    • n = Total number of payments (Loan Term × 12 months)

    Additionally, PMI is automatically calculated when LTV exceeds 80%, using an industry-standard structure.

    Why This Calculator Stands Out

    Unlike basic mortgage calculators, ours: Uses real-time OBMMI rates for more accurate estimates, Includes all costs (PMI, taxes, insurance) so you avoid surprises, Suggests FHA alternatives if your credit score is below 680, More precise than lender calculators (which often exclude taxes & insurance)

    Read More: Beginner’s Guide to Conventional Mortgages

    Understanding PMI & Credit Score Impact

    What to Do Next

    Refine Your Loan Options: Explore Loan Compass for a detailed loan analysis.
    Learn More: Check our Knowledge Hub articles to understand different loan types.
    Compare with FHA, VA, USDA Loans.

    Final Thoughts

    Our Advanced Conventional Mortgage Calculator gives you a realistic snapshot of what homeownership costs, factoring in real-time interest rates and all monthly expenses. With transparency and accuracy at its core, this tool helps homebuyers and loan officers make informed decisions about mortgage affordability.

    Start Planning Your Mortgage Today!

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